Ukraine's Metinvest boosts net profit 320% in 2011
KYIV. April 17 (Interfax) - Ukrainian mining and metallurgical holding Metinvest posted $1.854 billion in net profit for 2011, up 320% from $437 million for 2010, according to the company's unaudited financial results, which were published on Tuesday.
Sales revenue increased by 51.6% to $14.189 billion while EBITDA went up 39.7% to $3.565 billion.
Operating profit soared 186.4% to $2.701 billion and capex 100.2% to $1.165 billion. Cash and their equivalents rose from $449 million to $792 million.
Metinvest raised crude steel production 64.4% last year to 14.375 million tonnes and coking coal output 12.3% to 11.339 million tonnes, while iron ore concentrate production was flat at 35.741 million tonnes.
The Steel segment accounted for 72.7% (compared with 61.0% in 2010) of external sales, Iron Ore for 19.8% (compared with 26.7% in 2010) and Coke and Coal for 7.5% (compared with 12.3% in 2010). Steel Segment sales amounted to $10.318 billion.
Europe, Ukraine, the CIS and the Middle East remained the primary markets for Metinvest's steel products, accounting for 34.5% ($3.558 billion), 20.0% ($2.066 billion) and 18.4% ($1.9 billion), respectively. The share of sales to the CIS region was increased by 3.0pp in 2011, primarily due to the growing demand for pipes and long products.
Iron ore was sold mostly in Ukraine (53.5%, $1.502 billion), Southeast Asia (29.6%, $832 million) and Europe (16.8%, $471 million); and coking coal in Ukraine (52.5%, $557 million), United States (33.9%, $360 million) and Europe (4.1%, $43 million.
Metinvest's consolidated net profit grew 20.8% in 2010 to $437 million, and consolidated revenue - 55.3% to $9.358 billion
Rinat Akhmetov's System Capital Management (SCM) owns 71.25% of Metinvest. Smart Holding owns 23.75%.
Metinvest is an international vertically integrated steel and mining group of companies, managing every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. The Group comprises steel and mining production facilities located in Ukraine, Europe and the USA and has a sales network covering all key global markets.